Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. The firm currently has $2.75 price target on the biopharmaceutical company’s stock.
According to Zacks, “Otonomy, Inc. engages in developing and commercializing therapeutics to address unmet medical needs in the otology market. It develops therapeutics for treatment of inner and middle ear disorders. The Company’s product candidates under development includes AuriPro to treat pediatric patients with middle ear effusion; and OTO-104 for the treatment of patients with Ménière’s disease. Otonomy, Inc. is headquartered in San Diego, California. “
Separately, ValuEngine lowered shares of Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $5.92.
Shares of OTIC stock opened at $2.51 on Wednesday. The stock has a fifty day simple moving average of $2.53. The company has a debt-to-equity ratio of 0.45, a quick ratio of 9.07 and a current ratio of 9.07. The company has a market capitalization of $77.02 million, a price-to-earnings ratio of -1.52 and a beta of 2.36. Otonomy has a 12 month low of $1.50 and a 12 month high of $3.95.
Otonomy (NASDAQ:OTIC) last announced its quarterly earnings data on Monday, May 6th. The biopharmaceutical company reported ($0.39) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.07. The business had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.33 million. Otonomy had a negative net margin of 8,007.55% and a negative return on equity of 60.14%. As a group, equities analysts predict that Otonomy will post -1.86 EPS for the current year.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Otonomy by 4.4% in the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock worth $1,557,000 after purchasing an additional 35,592 shares in the last quarter. 683 Capital Management LLC raised its position in Otonomy by 37.5% during the fourth quarter. 683 Capital Management LLC now owns 1,100,000 shares of the biopharmaceutical company’s stock worth $2,035,000 after acquiring an additional 300,000 shares in the last quarter. Spark Investment Management LLC raised its position in Otonomy by 59.5% during the first quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock worth $121,000 after acquiring an additional 17,241 shares in the last quarter. Acadian Asset Management LLC raised its position in Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock worth $314,000 after acquiring an additional 28,551 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Otonomy during the first quarter worth $225,000. 53.31% of the stock is currently owned by institutional investors and hedge funds.
Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.
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